Thursday, January 5, 2012

Iraq's Currency ~ The dinar and problems with damaged currency ...

Link ~ Iraqi Dinar and Coins - Collection of Articles ...

January 4, 2012 (can't get the date right ..seems like no way its 2012:)but it is ...

Small groups of cash .. )! (Desirable reprehensible)!

Move the owner of "Kia" his view between the street and the paper of 250 dinars ... examined by a good and groping surface for fear of being pasted tape transparent ... extended his hand to the back to return it to its rightful owner "possible change", asked the young driver of the old man who covered his face (b Chmagh) south did not show a thing of the features is his nose flat! ... removed the scarf from his mouth, "Lish is that I maker", waving the "quarter" in the air as if he wanted to come down from dinars, which saddled the paper and torn into three sections and collected dressing ... and begin Comments passengers crammed together in the car the Korean small between supporters and refuses to exchange torn and damaged, and out of them five hundred dinars, painted black, and another woman indicate paper cash to the driver refer her (1000) dinars, written on it in verse!

حوار العملة التالفة! Dialogue currency damaged!

The spread of paper currency damaged has become one of the daily problems and room for discussion and perhaps for a fight sometimes between taxi drivers and buses with passengers, and between Albesttiyat, customers and even bakeries and ovens became experiencing this problem, often the beggar refuses currency shattered.

Probably do not realize many of us over the symbolic banknotes, which increasingly so wrong practices, from the style of writing them by some lovers and researchers on the areas of dating, they are turning the paper to the wall is free by writing numbers and verses and Abu Veat.

or some accountants and treasurers in the banks who transferred the money for notebooks and record No "hardship" on them, leading to improper storage by some in places other than the health of the currency paper, at a time of declining to use the wallet for under the money to let alone repeated in the sinuses, most of the denominations and the private value of the 250 and 500 and 1000 dinars, lost part of their specifications by frequent use, loss of cohesion and became dilapidated and Mthrih, or been cut, cutting, burning from the corners ...

He says the owner of "Kia": It's not a day goes by without there being a problem or more with the passengers because of torn banknotes, adds Muhammad (33) years, "the passenger when attributed to him the rest, which usually consists of small groups refuse to take it torn. . and thus became obliged to refuse I also received - Currency shattered - of the passengers.

He pointed Jafar - earner and moves daily between New Baghdad and the Sinak - that the bus fare is 750 dinars, so there is always a problem!

He adds "the presence of paper currency damaged caused us a lot of problems, when we go to buy our needs re-seller for us and torn banknotes are connected but we are facing many problems and difficult in the disposal, whether by the shopkeepers or drivers Kia.

أُسلّم ولا أتسلّم...! I receive the safest and ...!

In contrast, owners of banking companies change your foreign currency to the Iraqi torn, which refuse to recognize the banknote local in the opposite case, the Messenger of Abdullah, the owner of a shop selling Mobaillat Street in spring confirms that it turns the Iraqi to the dollar, and vice versa in almost every day, and deal with companies banking and the transfer of funds specializing in this regard, and they refuse to recognize worn Iraqi currency in return when the discharge must be silent when the papers torn!

Employees are also receiving banknotes damaged and sometimes forged, and they do not find an outlet marketing of the discharge are not entitled to object to the fund trustees their constituencies on the type of currency or shape. Says magic government employee that the people of the accounts in our departments official have the answer to a classic use it always in the case of protest against the damage paper currency, "this is the responsibility of government banks, which we received the papers!"

Illustrating the government employee that he last received a salary every month TDs which leaves torn, while the banks refuse to government or private or a lot of shopkeepers in the market received it, adding, "I receive sometimes from fifty to a hundred thousand dinars from the category of (1000 ) and most of them are corrupted and do not know where Asrvha?!

On the other hand, the currency is also witnessing fraud, particularly currencies, large sources in the Interior Ministry said earlier that it had arrested a number of persons of Iranian nationality in southern Iraq in possession of a quantity of the Iraqi currency counterfeit, explained: "This is not the first time that the cast arrested by the Iraqi people who are not in possession of forged currency, it was preceded by the arrest of other Iranian groups in the province of Sulaymaniyah.

The Director of Customs Region IV in Basra to Brigadier Khalaf Badran, "it was recently set forged Iraqi currency has been entered from one of the neighboring countries in huge quantities to Basra and from different denominations."

He said: "The defendants insisted during the preliminary investigations with them that they had entered through one of the neighboring countries in possession of millions of Iraqi currency counterfeit," and added: "The currency of a ten thousand dinars was rigged perfectly large can not be detected by the average citizen except through a detect fraud, while the currency of the category of twenty-five thousand, it can find out where the fraud by having a blue color, since it is very clear and so the quality of the paper to be normal. "

He continued: "The amount of currency was pumped into Basra," and urged citizens to make sure during their daily source of the currency.

Currencies especially for officials and VIPs!

The question remains is received by our representatives and ministers coins torn or is it just a simple problem employee?!

With some managers and important merchants and contractors are treated in a special way when they enter the doors of banks, since they receive millions of class five and twenty thousand dinars, did not touch one, not traded in markets ... while the poor who are waiting for one hundred thousand every month by the smart card within the grant social protection network, they receive the crumbs of the currency!

On the other hand, there is a saying in the case of our currency has been torn apart and clean and is spread by the writings and figures that he will lose the cash value traded and difficult to reach and perhaps refused to accept it completely.

Indicates Tawfiq Salim, professor of economics at the University of Baghdad he was not aware of who would be responsible for the citizen to raise awareness of the injustice of our currency?

Adding that "developed countries to respect its currency, cash, especially leafy ones, are always keen to keep its currency in circulation continuously ... authorities financial tracking policy organization in the control of its currency and there is continuing action to withdraw the currency damaged and replaced, because the attention - as described by sound - the national currency civilized behavior, one of the indicators of the sovereignty of States.

المصارف وشروطها Banks and conditions

There are conditions at the banks in the case of receipt of the currency which is not to be torn into three pieces, and are not signs of oil or blood, or be buried in earth. "Stresses Hanan Mohammed employee in a bank of good" that the refusal of banks received banknotes torn subject to the regulations of the Central Bank " , adding that if for some amount of damaged currency can be changed at the central bank, versus taking the $ 10% of the total value. "

Furthermore, the central bank announced earlier he was working on a new version of currency in 50 thousand dinars and coins small in both Arabic and Kurdish to address the liquidity in Iraq.

The appearance of the central bank adviser Mohammad Saleh in a press statement: The Central Bank decided to introduce coins as part of his plan to restructure the currency, which require the approval of the government and the House of Representatives because it will contribute to a strategic plan to support the value of the Iraqi dinar in the financial trading.

He added the move is part of the restructuring plan the development of banks and currency coins of banking financial transactions to support the Iraqi economy.

He said: Summarized functions of the Iraqi Central Bank to maintain price stability, and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as regulate the banking sector, noting that the draft coins in 2004 was not successful because it has not been according to the comprehensive reforms to support the financial value of the Iraqi dinar in the global market.

Saleh pointed out that the coins are not low, but will be the currency of currencies important medium which is used for simple banking transactions in the trading of the Interior.

He was the central bank announced last year that he decided to restructure the local currency in order to develop the payment system in the country. He International Monetary Fund support for the Iraqi economy in the event of his a number of economic measures, including the privatization of banks and raising three zeros from the local currency and meet debt and reparations, which lies the responsibility of Iraq.

The government has denied any change in the local currency this year in order to reduce inflation. The local currency has gone through several changes in its history, most recently in 2004 when the former Governing Council replaced the previous currency, which was a symbol of the former regime.

نقود مهملة! Neglected money!

In contrast, there are unofficial statistics indicate that about ten million Iraqi dinars neglects to deal with them daily, according to the belief that it is not valid for use, and this means that there are thirty million maximum average only in Baghdad!

Official statistics say that Iraq and Kurdistan provinces of Basra and Mosul are at least a rejection of the currencies of the damaged or moderate damage in economic transactions daily! And statistics add to the provinces of Amara and Nasiriyah are the most rejection of these currencies, traders refuse categorically to deal with small groups!

Staff of Salahuddin province, do not accept the receipt of their salaries currencies small, even if it were not damaged, and some sources say the Ministry of Finance: The percentage can be replaced from the currency damaged in the bank by the banks does not exceed 30 percent of the overall proportion of damaged in the markets and the citizen, asserting that it is not true that banks re-currency itself to the citizens without conversion to the central bank to replace it, and the sources pointed out that the mechanism used and currently in force confirms that branches of the government banks destroy those currencies torn, or delivered to the Central Bank, and the proportion of damage If allowed traded in the market, the bank returns to the circulation, and if the ratio of the bank substantial damage to either destroy or return it to the bank again.

تاريخ السيد دينار Mr. JD Date

It is worth mentioning that in 1932 took Iraq from Britain, and issued in the same year that the Iraqi dinar replaced the Indian Barabah rate of 1 dinar = 13 rupees, and the Indian Rupee is the currency before that official in Iraq since the British occupation during the First World War.

After the occupation of Iraq by the British forces in the First World War, the occupation authority made ​​the Indian Rupee as the official currency instead of the pound, the Ottoman Empire.

In 1931 the Council decided to establish the responsibility of the Iraqi currency be issued special Iraqi currency, and issued the first version of the dinar in the reign of King Faisal I in the first day of April 1932.

After the revolution of July 14, 1958, the Central Bank of Iraq issued new currency notes and coins, bearing the logo of the new republic, and issued a new currency of paper currency in the years 1971 and 1973 and 1978.

The Iraqi dinar has suffered a steady deterioration in value with the beginning of the Iran-Iraq war, where it has fallen from 3.3 dinars to the dollar in 1980 to about 4 dinars to the dollar in 1988.

After the invasion of Kuwait and the end of the second Gulf War and as a result of the blockade and the lack of ability to make the Iraqi dinar, which was printed in the printing houses of Switzerland, began the former regime to print the Iraqi dinar in printing Iraqi lacked the necessary technology for the printing of currency attributes of good, led to the spread of extensive fraud Iraqi currency.

After 2003, the Coalition Provisional Authority to issue Iraqi dinars new and was printed in the Press Dallarro in Britain, and was printed with good specifications are difficult to falsify were used in all parts of Iraq including the Kurdistan region, and has a currency exchange where the Replace each dinars printed in Iraq or China. a new Iraqi dinar, the Iraqi dinar, printed in Switzerland Vtm replaced with 150 new dinars.

The categories of the new currency 50 250, 1000, 5000.10000 to 25,000 dinars, and designs similar to the designs issued by the Central Bank of Iraq in the seventies and early eighties of the last century, as they were not Iraqi currency bearing Saddam's image.

The paper was issued a class of 500 dinars in 2004, and in 2005 issued the Central Bank of Iraq currencies cans, the category of 25 dinars and 100 dinars a class, but did not circulate widely.

As a result of the low value coins, poor circulation among citizens has been withdrawn from circulation in 2009.